Supermarket Income REIT (LSE: SUPR) acquires supermarket sites that form a key part of the future model of grocery in the United Kingdom. SUPR listed in July 2017 raising gross proceeds of £100 million. Two follow-on equity fundraisings in November 2017 and May 2018, raised an additional £85 million in total gross proceeds, both oversubscribed.
SUPR aims to provide long-term RPI-linked income, from institutional grade tenants and the potential for capital growth through active asset management. To date, six supermarkets have been acquired around the UK (4 Tesco, 1 Sainsburys, 1 Morrisons). All supermarkets in the portfolio are omnichannel supermarkets – these are high quality supermarket properties, which operate both as physical stores and online fulfilment centres.
SUPR paid a quarterly dividend in the 12 months ending 30th June 2018, totalling 5.5p per share and has set a target of 5.63p per share for the 2018/19 financial period.
Atrato Capital is the Company’s Investment Adviser.
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| P&L | June 2018 £~000 |
|---|---|
| Rental income | 8,942 |
| Admin & other expenses | (2,097) |
| Operating Profit | 2,764 |
| Profit for the period | 620 |
| BALANCE SHEET | 2018 £~000 |
|---|---|
| Investment Properties | 264,900 |
| Cash & cash equivalents | 2,239 |
| Total Assets | 268,211 |
| Bank borrowings | 88,099 |
| Total liabilities | 91,465 |
| Net assets | 176,746 |
IGD Forecasts:
Citywire (Sep 2018)
“Supermarket fund with 5.5% yield eyes third share issue.”
Shares (Apr 2018)
“Supermarket Income REIT invests £210.5m in first quarter, declares dividend”
Goodbody (July 2018):
“We are forecasting continued expansion of SUPR as the portfolio and income streams grow. While the benefits of an inflation-link on long-term leases will drive NAV upside and continued dividend growth…This will be driven by the unique asset selection skills of management and knowledge of the market.”
Stifel (Apr 2018)
“Year to date, Supermarket REIT’s shares have risen 1%, out-performing the sector which is down 4%. We believe that the shares are supported by the high dividend yield of 5.4% (versus the REIT average of 3.9%), which we forecast to grow in line with inflation, backed by long unexpired leases that are all RPI-linked, and with a high quality tenant covenant.”
